Dynex Capital (DX) 10-Q 2018 Q1 Quarterly report

Exhibit 12.1

DYNEX CAPITAL, INC.

Ratio of Earnings to Fixed Charges and

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

	Three Months Ended		Year Ended December 31,
($ in thousands, except ratios)	March 31, 2018		2017		2016			2015			2014		2013
Fixed charges:
Interest expense	$	11,595	$	36,178	$	25,231		$	22,605		$	25,915	$	39,028
Preferred dividend requirements	2,940		10,794		9,185			9,176			9,176		7,902
Total	$	14,535	$	46,972	$	34,416		$	31,781		$	35,091	$	46,930
Earnings:
Income from continuing operations	$	44,307	$	33,893	$	43,099		$	16,544		$	27,806	$	68,069
Add:
Distributed income of equity method investee	—		—		1,316			—			—		721
Fixed charges, excluding preferred dividend requirements	11,595		36,178		25,231			22,605			25,915		39,028
Less: Equity in income of equity investee	—		—		(481		)	(835		)	—		(721		)
Total	$	55,902	$	70,071	$	69,165		$	38,314		$	53,721	$	107,097
Ratio of earnings to fixed charges	4.82x		1.94x		2.74x			1.69x			2.07x		2.74x
Ratio of earnings to fixed charges and preferred stock dividends	3.85x		1.49x		2.01x			1.21x			1.53x		2.28x